This website uses information gathering tools such as cookies and other similar technologies. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. If you do not consent, do not use this website. It is at your, the user's, discretion to proceed with accessing this website. For more information, read the "Cookie Policy" under Online Privacy Policy.This website uses cookies..

This website uses information gathering tools such as cookies and other similar technologies. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. If you do not consent, do not use this website. It is at your, the user's, discretion to proceed with accessing this website. For more information, read the "Cookie Policy" under Online Privacy Policy.

Accept

This website uses information gathering tools such as cookies and other similar technologies. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. If you do not consent, do not use this website. It is at your, the user's, discretion to proceed with accessing this website. For more information, read the "Cookie Policy" under Online Privacy Policy.This website uses cookies..

This website uses information gathering tools such as cookies and other similar technologies. By clicking 'Accept' on this banner or by using this website, you consent to the use of cookies unless you have disabled them. If you do not consent, do not use this website. It is at your, the user's, discretion to proceed with accessing this website. For more information, read the "Cookie Policy" under Online Privacy Policy.

Inspirisys Solutions Ltd Auditors Report.

To the Members of Inspirisys Solutions Limited

(formerly known as Accel Frontline Limited)

Report on the Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of Inspirisys
Solutions Limited (theCompany), which comprise the Balance Sheet as at 31 March
2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash
Flow Statement and the Statement of Changes in Equity for the year then ended, and a
summary of the significant accounting policies and other explanatory information, included
the returns for the year ended on that date audited by the branch auditors of the
Companys branch located at Singapore.

2. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 (Act) in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India including
Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act, of the
state of affairs (financial position) of the Company as at 31 March 2019, and its profit
(financialperformance including other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Our responsibilities under those standards are further
described in the Auditors Responsibilities of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the financialstatements under the
provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have in which are obtained is sufficient and appropriate to
provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.

5. We have determined the matters described below to be the key audit matters to be
communicated in our report.

Key Audit matter

How the matter was addressed in the audit

Fair value assessment of trade receivables

Our audit work included but was not restricted to:

The Company has reported trade receivables of र 17,706 lakhs as at 31 March 2019
and expected credit losses allowance of र 1,437 lakhs as detailed in note 12.

We obtained a detailed understanding of each operating segments revenue recognition
and receivables provisioning policies, design of controls and how they are applied.

Due to customer profile, the Company has significant receivable balances that are past
the credit period for the product as well as services operating segments. The management
measures expected credit loss on its trade receivables using practical expedient as
prescribed by Ind AS 109: Financial Instruments, which involves significant
management judgements and estimates.

We tested the design and operating effectiveness of controls that the company has
established in relation to revenue recognition.

On a sample basis, coupled with high value overdue invoices, we rolled out and
obtained direct receivables confirmations from the customers of the company having
outstanding receivable balances as at an interim date, for ensuring the acknowledgement of
debt by the customer.

Considering the materiality of trade receivables balances to the Companys financial
statements and the multiple estimates and judgements involved in the estimation of
expected credit losses, this is considered as a key audit matter.

Where directconfirmations were not obtained, subsequent realization of the outstanding
invoices and or customer acknowledgement of goods received or services rendered was
assessed to ensure the acknowledgement of debt by the customer.

The expected credit loss model was tested for appropriateness of past data and
provisioning matrix used and reasons for other long outstanding balances were also
obtained from the management.

We also considered payments received subsequent to year- end, past payment history and
unusual patterns to identify potentially impaired balances.

In addition,for receivables from subsidiaries, we have evaluated the reasonableness of
managements estimates of future cash flows of the subsidiaries and recoverability
includingperformingsensitivityanalysis on these cash flow estimates

Ensured appropriateness of disclosures made in the financial statements with respect
to the trade receivables and provisioning thereof.

Inventory valuation

Our audit work included but was not restricted to:

As detailed in note 11, Inventory of र 1,000 lakhs as at 31 March 2019 comprise
inventory pertaining to the services division amounts to र 791 lakhs, net. The
inventory is valued at lower of cost and market value using weighted average cost method.

Obtaining a detailed understanding and evaluating the design and operating
effectiveness of controls that the company has established in relation to inventory
valuation at its services division.

Services division inventory comprise refurbished spares and defective spares that are
either converted to refurbished spares of refurbished stock and comparing the values
valuation in due course or scrapped. Refurbished spares and defective spares are valued at
fair value which is based on past history of purchases of similar spares from the open
market, market conditions and past history of conversion respectively.

Challenge the management assumptions to prices of similar refurbished spares purchased
from the market.

Testingthe historical data pertaining to the conversion of defective stock to
refurbished stock and/or scrapped to the estimation madeby the management.

Further, the company provides for obsolescence on the services division inventory
based on the ageing of these inventory and the expected usage of these inventory in future
periods. Since these involves significant management judgement and has an impact on the
reported performance of the Company, they are considered as a key audit matter.

We have also analyzed the practice followed by services divisions of other companies
in this industry.

Ensured appropriateness of the disclosures made in the financial statements.

Impairment of Subsidiaries

Our audit work included but was not restricted to:

The management has noted impairment indicators due to the continued operating losses
and negative net worth of the subsidiaries as at 31 March 2019. As detailed in note 2,
management has estimated the recoverable value of the investment in subsidiaries.

Review of managements identification of indicators of impairment;

The recoverability of carrying value of investment in subsidiaries is considered an
audit risk due to the involvement of significant estimates & judgements by the
management in assessing the recoverable value of the investment. Due to the inherent
uncertainty involved in forecasting and discounting future cash flows this is one of the
key judgement areas for our audit and is therefore considered as a Key audit matter.

We have assessed the methodology used by the management to estimate the recoverable
value of investment in subsidiaries, for which an impairment test was performed, to ensure
that this is consistent with the requirements of the accounting standards;

Evaluated the subsidiarys budgeting procedures upon which the cash flow forecasts are
based and reviewed historical accuracy of budgeting process;

Sensitivity analysis was performed on the calculations

Evaluated the discount rate and growth rate used in the estimation of recoverable
value.

Ensured appropriateness of disclosures made in the financial statements

Information other than the Financial Statements and

Auditors Report thereon

6. The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include
the financial statements and our auditors report thereon. The Annual Report is expected
to be made available to us after the date of this auditors report.

Our opinion on the financial statements does not cover the other informationand we will
not express any form of Auditing, we exercise professional judgment and maintain assurance
conclusion thereon. In connectionwith our audit of the financial our responsibility is to
read the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

When we read the Annual Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

7. The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect the preparation of these standalone financial statements
that give a true and fair view of the state of affairs (financial other comprehensive
income), changes in equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Ind AS specifiedunder section 133 of
the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company
and for preventingand detecting frauds and other irregularities; selectionand application
of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy completeness of the
accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error

8. In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic

9. Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.

Financial Auditors for the Audit of the Responsibilities Statements

10. Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditors report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these
financial statements.

11. As part of an audit in accordance with Standards on professional
skepticismthroughout the audit. We also: statements,

Identify of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, we are also responsible for explaining our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness of
such controls. profit (financial performance including

Evaluate the appropriateness of accountingpolicies used and the reasonableness of
accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditors report to the related disclosures in the financial
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors report. However, future events or
conditions may cause the Company to cease concern. tocontinueasa

Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financialstatements represent the underlying
transactions and events in a manner that achieves fair presentation.

12. We communicate with those charged with governance so. regarding, among other
matters, the planned scope and timing of the audit and any significant identify during our
audit.

13. We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.

14. From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements of
the current period and are therefore the key audit matters. We describe these matters in
our auditors report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.

Other Matter

15. We did not audit the financial statement of Singapore branch included in the
standalone financial statements of the Company whose financial statement reflects total
assets and net assets of र 282 Lakhs and र 251 lakhs respectively as at 31
March 2019, and the total revenue and net cash inflows ofर 2,865 and र 47 that
date, as Lakhs considered in the standalone financial statements. These financial
statements have been audited by the branch auditors whose reports have
beenfurnishedtousbythe reporting management, and our opinion on the standalone financial
statements, in so far as it relates to the amounts and disclosures included in respect of
branches, is based solely on the report of such branch auditors.

Further, the branch is located outside India whose financial
statementsandotherfinancialinformationhave been prepared in accordance with
accountingprinciples generally accepted in their respective countries and which have been
audited by branch auditors under generally accepted auditing standards applicable in their
respective countries. The Companys management has converted the financial
statementsofsuchbranchfromaccounting principles generally accepted in their respective
countries to accounting principles generally accepted in India. We have audited these
conversion adjustments made by the Companys management.

Our opinion in so far as it relates to the amounts and disclosures of such branches is
based on the report of branch auditors and the conversion adjustments prepared by the
management of the Company and audited by us.

Our opinion on the standalone financialstatements, and our report on Other Legal and
Regulatory Requirements below, is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

16. The company has not paid / provided for managerial remuneration during the year.
Accordingly, reporting under section 197(16) of the Act is not

17. As required by the Companies (Auditors Report) Order, 2016 (the Order)
issued by the Central Government of India in terms of section 143(11) of the Act, we give
in the Annexure A a statement on the mattersspecifiedin paragraphs 3 and 4 of the Order.

18. Further to our comments in Annexure A, as required by section 143(3) of the Act, we
report that:

a) we have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books and proper returns
adequate for the purposes of our audit have been received from the branches not visited by
us;

c) the reports on the accounts of the branch office of the Company audited under
section 143(8) of the the branch auditor has been sent to us and have been properly dealt
with by us in preparing this report;

d) the standalone financialstatements dealt with by this report are in agreement with
the books of account and with the return received from the branch not visited by us;

e) in our opinion, the aforesaid standalone financial under section statements comply
with Ind AS specified 133 of the Act;

f) on the basis of the written representations received from the directors and taken on
record by the Board of Directors, none of the directors is disqualified as on 31 March
2019 from being appointed as a director in terms of section 164(2) of the Act; g) we have
also audited the internal financial controls over financial (IFCoFR) of the on 31 March
2019 in conjunction with our audit of the standalone financial statements of the Company
for the year ended on that date and our report dated 09 May 2019 as per Annexure B
expressed unmodified opinion;

h) with respect to the other matters to be included in the Auditors Report in
accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in
our opinion and to the best of our information and according to the explanations given to
us:

i. the Company, as detailed in note 39 to the standalone financial statements, has
disclosed the impact of pending litigations onits financial position

ii. the Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses as at 31 March 2019.

iii. there has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company during the year ended 31 March
2019;

iv. the disclosure requirements relating to holdings as well as dealings in specified
the period from 8 November 2016 to 30 December 2016, which are not relevant to these
standalone financial statements. Hence, reporting under this clause is not applicable.

Annexure A to the Independent Auditors Report of even date to the members of
Inspirisys Solutions Limited (formerly known as Accel Frontline Limited), on the
standalone financial statements for the year ended 31 March 2019.

Based on the audit procedures performed for the purpose of reporting a true and fair
view on the financial statements of the information theCompanyandtakingintoconsideration
and explanations given to us and the books of account and other records examined by us in
the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) The Company has maintained proper records showing full particulars, details and
situation of fixed been physically verifiedby (b) The the management during the year and
no material discrepancies were noticed our opinion, the frequency of assets is reasonable
having regard to the size of the Company and the nature of its assets.

(c) The Company does not hold any immovable property (in the nature of fixed
assets). Accordingly, the provisions of clause 3(i) (c) of the Order are not applicable.

(ii) In our opinion, the management has conducted physical verification of the year,
except for goods-in-transit and stocks lying with third parties. For stocks lying with
third parties at the year-end, written confirmations have been obtained the management. No
material discrepancies were noticed on the aforesaid verification.

(iii) The Company has grantedof the cost records unsecured loans to companies covered
in the register maintained under Section 189 of the Act; and with respect to the same: (a)
in our opinion the terms and conditions such loans are not, prima facie, prejudicial to
the companys interest.

(b) the schedules of repayment of the principal and the payment of the interest has not
been stipulated and hence we are unable to comment as to whether repayments/receipts of
the principal amount and the interest are regular;

(c) In the absenceofstipulated schedule of repayment of principal and payment of
interest, we are unable to comment as to whether there is any amount which is overdue for
more than 90 days and whether reasonable steps have been taken by the Company for recovery
of principal amount and interest. Further, the loan advanced to Inspirisys Solutions IT
Resources Limited (formerly Accel IT Resources Limited), a subsidiary company to amounting
र 792 lakhs (including interest) has been written off year vide board approval dated
09 May 2019.

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and
186 of the Act in respect including quantitative of loans, investments, guarantees and
security. In our assets. opinion, the company has complied with the provisions of Section
186 except Section 186 (5) of the act relating to
priorapprovalofpublicfinancialinstitutionsfor loans such verification. given to Inspirisys
IT Resources Limited (formerly known as "Accel IT Resources Limited"), the
maximum amount outstanding during the year is र 792 lakhs and the closing balances
as at 31 March 2019 is Nil.

(v) In our opinion, the Company has not accepted any deposits within the meaning of
Sections Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended).
Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(vi) We atreasonable intervalsduring have broadlyreviewed the books of account
maintained by the Company pursuant to the Rules made by the Central Government for the
maintenance of cost by (1) of Section 148 of the Act in recordsundersub-section respect of
Companys products/services and are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. However, we have not made a detailed
examination with a view to determine whether they are accurate or complete. of grant of
(vii) (a) The Company is regular in depositing undisputed statutory dues including
provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of
customs, duty of excise, value added tax, cess and other material statutory dues, as
applicable, have generally been regularly deposited to the appropriate authorities, though
there has been a slight delay in a few cases. Further, no undisputed amounts payable in
respect thereof were outstanding at the year-end for a period of more than six months from
the date they became payable.

(b) The dues outstanding in respect of income-tax, sales-tax, service-tax, duty of
customs, duty of excise and value added tax on account of any dispute, are as follows:

Name of the statute

Nature of dues

Amount

Amount paid under Protest

Period to which the amount relates

Forum where dispute is pending

Kerala Value Added Tax Act, 2003

Tax

45

35

2007-08

Commissioner of Commercial Taxes

West Bengal Sales Tax Act, 1994

Tax

1

-

2001-02

Commercial Tax Officer

West Bengal Sales Tax Act, 1994

Tax and Interest

2

-

2003-04 and 2004-05

Assistant Commissioner

Jharkhand Value Added Tax, 2005

Penalty

1

-

2007-08

Joint Commissioner

Kerala Value Added Tax Act, 2003

Tax

1

-

2015-16

Assistant Commissioner (intelligence)

Uttar Pradesh Trade Tax Act, 1948

Tax

104

42

2010-11, 2011-12, 2012-13 and 2013-14

Deputy Commissioner

Uttar Pradesh Trade Tax Act, 1948

Tax

1

-

2002-03

Trade Tax Tribunal, Lucknow

Rajasthan Value Added Tax, 2003

Tax

4

-

2011-12

Assistant Commissioner

Kerala Value Added Tax Act, 2003

Tax and Penalty

128

-

2013-14 and 2014-15

Deputy Commissioner (Appeals)

Customs and Excise Act, 1964

Tax, Interest and Penalty

411

175

2014-15

CESTAT

Income Tax Act, 1961

Income Tax

848

-

2005-06 to 2007-08

High Court

Income Tax Act, 1961

Income Tax

327

-

2008-09

CIT(A), Chennai

Income Tax Act, 1961

Income Tax

231

-

2010-11

High Court

Income Tax Act, 1961

Income Tax

248

-

2012-13

Commissioner of Income Tax (Appeals)

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank or
financial institution the year. The Company has no borrowings obtained from government and
the Company did not have any outstanding debentures during the year.

(ix) The Company did not raise moneys by way of initial public offer or further public
offer (including debt instruments) and did not have any term loans outstanding during the
year. Accordingly, the provisions of clause 3(ix) of the Order are not applicable.

(x) No fraud by the Company or on the company by its officers or employees has been
noticed or reported during the period covered by our audit.

(xi) The Company has not paid or provided for any managerial during remuneration.
Accordingly, the provisions of Clause 3(xi) of the Order are not applicable.

(xii) In our opinion, the Company is not a Nidhi Company.

Accordingly, provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance with
Sections 177 and 188 of Act, where applicable, and the requisite details have been
disclosed in the financial statements etc., as required by the applicable Ind AS.

(xiv) During the year, the company has made preferential allotment of shares. In
respect of the same, in our opinion, the company has complied with the requirement of

Section 42 of the Act and the Rules framed thereunder. Further, in our opinion, the
amounts so raised have been used for the purposes for which the funds were raised.

During the year, the company did not make private placements of shares or preferential
allotment or private placement of fully or partly convertible debentures.

(xv) In our opinion, the company has not entered into any non-cash transactions with
the directors or persons connected with them covered under Section 192 of the

Act.

(xvi) The company is not required to be registered under Section 45-IA of the Reserve
Bank of India Act, 1934.

Annexure B to the Independent Auditors Report of even date to the members of
Inspirisys Solutions Limited (formerly known as Accel Frontline Limited), on the
standalone financial statements for the year ended 31 March 2019 Independent Auditors
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143
of the Companies Act, 2013 (the Act)

1. In conjunction with our audit of the standalone financial statements of Inspirisys
Solutions Limited (formerly known as Accel Frontline Limited) (the Company) as at
and for the year ended 31 March 2019, we have audited reporting the internal
financialcontrols over financial (IFCoFR) of the Company as at that date.

Managements Responsibility for Internal Financial Controls

2. The Companys Board of Directors is responsible for controls establishing and
maintaining internal financial reporting based on the internal controls over financial
criteria established by the Company considering the in the essential Guidance Note on
Audit of Internal Financial Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of the Companys business, including
adherence to the Companys policies, the safeguarding of its assets, the preventionand
detection of frauds and errors, the accuracy and completeness of the accounting the timely
preparation ofreliablefinancialinformation, as required under the Act.

Auditors Responsibility

3. Our responsibility is to express an opinion on the Companys IFCoFR based on our
audit. We conducted our audit in accordance with the Standards on Auditingissued by the
Institute of Chartered Accountants of India (ICAI) and deemed to be prescribed
under Section 143(10) of the Act, to the extent applicable to an audit of IFCoFR, and the
Guidance Note on Audit of Internal Financial Controls

Over Financial Reporting (the Guidance Note) issued by the ICAI. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate IFCoFR were
established and maintained and if such controls operated material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the IFCoFR and their operatingeffectiveness. Our audit of obtaining an understanding of
IFCoFR, assessing the risk that a material weakness exists, and testing the design and
operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and opinion on the
Companys IFCoFR.

Meaning of Internal Financial Controls over Financial

Reporting

6. A companys IFCoFR is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A include
those policies and procedures criteria established that (1)by the pertainto
the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, disposition of the
companys assets that could have a material effect on the financial statements.

Inherent Limitationsof Internal Financial Controls over Financial

7. Because of the inherent limitations of IFCoFR, including the possibility of
collusion or improper management override of controls, material misstatements due to error
or fraud may occur and not be detected. Also, projections of any appropriatetoprovidea
basisforouraudit evaluation of the IFCoFR to future periods are subject to the risk that
the IFCoFR may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Basis of Qualified Opinion

8. In our opinion, the Company has, in all material respects, adequate internal
financial controls over financial reporting and such controls were operating effectively
companys as at 31 March 2019, based on the internal controls over IFCoFR
financialreporting considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by
the Institute of Chartered Accountants of India.

"Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors." | "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary." | "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

You are not allowed to download same report on single day

Terms & Conditions

By clicking on submit button, you authorize IIFL & its representatives & agents to provide information about various products, offers and services provided by IIFL through any mode including telephone calls, SMS, letters etc. . you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication.